SYDNEY Jan 30 Shares in Australia's Treasury
Wine Estates Ltd, the maker of Penfolds and Beringer
wines, fell almost 15 percent on Thursday after the company
downgraded its full year earnings guidance by almost a fifth.
The world's second-largest wine maker said it expected
operating earnings of A$190 million to A$210 million ($166
million to $184 million), compared to its previous range of
A$230 million to A$250 million, blaming weak demand in China and
stiff competition in its home market.
Its shares were down 13.8 percent at A$3.92 at 2310 GMT
after dropping as low as A$3.88. The stock has slumped from a
record closing high of A$6.33 in May 2013.
(Reporting by Jane Wardell; Editing by Stephen Coates)